METRO CREDIT UNION

EIN: 041695745

CHELSEA, MA

Total Revenue
$173,359,884
Total Expenses
$166,107,473
Total Assets
$3,440,032,348
Net Assets
$275,838,096
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Financial Trends

Organization Details

Formation Year
1926
Legal Domicile
MA
Principal Officer
ROBERT M CASHMAN
Phone
8776963876
Tax Period
2024-01-01 to 2024-12-31

METRO CREDIT UNION, founded in 1926, is a major nonprofit that reported $173.4M in total revenue in fiscal year 2024. Revenue grew 16% year-over-year, indicating healthy expansion. Expenses of $166.1M left a modest 4% surplus.

Mission

FOR OVER 90 YEARS, METRO CREDIT UNION HAS BEEN PROVIDING FINANCIAL SERVICES TO COMMUNITIES THROUGHOUT MASSACHUSETTS AND NEW HAMPSHIRE. AS ONE OF THE LARGEST CREDIT UNIONS IN THE STATE, METRO HAS $3.440 BILLION IN ASSETS, MORE THAN 209,799 MEMBERS, AND IS ABLE TO SERVE ANYONE IN ESSEX, MIDDLESEX, NORFOLK, SUFFOLK, WORCESTER, PLYMOUTH, BARNSTABLE, BRISTOL, FRANKLIN, HAMPSHIRE, AND HAMPDEN; AND THE FOLLOWING NEW HAMPSHIRE COUNTIES: HILLSBOROUGH, ROCKINGHAM, CHESHIRE, MERRIMACK, AND STRAFFORD. AS A FULL-SERVICE CREDIT UNION, METRO OFFERS ALL OF THE FINANCIAL PRODUCTS AND DELIVERY INNOVATIONS THAT YOU'D EXPECT FROM A LARGE FINANCIAL INSTITUTION. FOUNDED IN 1926 AND HEADQUARTERED IN CHELSEA, MASSACHUSETTS, METRO CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION, OWNED BY AND OPERATED FOR THE PEOPLE WHO USE AND BENEFIT FROM OUR PRODUCTS AND SERVICES. WE'RE DIFFERENT FROM BANKS BECAUSE WE ARE A NON-PROFIT COOPERATIVE THAT IS DEDICATED TO THE FINANCIAL SUCCESS OF OUR MEMBERS; AND NOT FOCUSED ON PAYING DIVIDENDS TO STOCKHOLDERS OR MAXIMIZING PROFITS FOR SHAREHOLDERS. THE MONEY WE BRING IN IS REINVESTED IN YOU, OUR MEMBERS, THROUGH BETTER RATES AND LOWER FEES. THE PHILOSOPHY OF METRO CREDIT UNION IS "PEOPLE HELPING PEOPLE." EACH MEMBER IS AN EQUAL OWNER, REGARDLESS OF HOW MUCH MONEY IS DEPOSITED WITH THE CREDIT UNION. WE ARE COMMITTED TO FINANCIAL EDUCATION. WHETHER ITS SIMPLE TIPS TO HELP YOU BETTER MANAGE YOUR FINANCES OR SEMINARS AND PROGRAMS DESIGNED TO HELP YOU NAVIGATE MORE COMPLICATED FINANCIAL SITUATIONS, WE WANT TO ENSURE THAT YOU HAVE THE RIGHT ADVICE, GUIDANCE AND RESOURCES TO MAKE SMART FINANCIAL DECISIONS. AS A CREDIT UNION, WE PROVIDE PRODUCTS AND SERVICES THAT ARE AFFORDABLE AND FLEXIBLE. WE PARTNER WITH AFFORDABLE HOUSING ORGANIZATIONS ACROSS THE STATE TO ENSURE THAT EVERY PROSPECTIVE HOMEBUYER HAS ACCESS TO AS MANY RESOURCES AS POSSIBLE TO REALIZE THEIR DREAM OF HOMEOWNERSHIP. WE HAVE GENUINE MEMBER FOCUS. ALL OF OUR GUIDANCE AND SERVICES ARE DELIVERED THROUGH ENGAGED EMPLOYEES. THEY LISTEN TO MEMBERS FIRST; UNDERSTAND THEIR SPECIFIC SITUATION; AND PROVIDE THE SOLUTIONS THAT BEST FIT THE NEEDS OF THE INDIVIDUAL OR BUSINESS.

Program Service Accomplishments

Program 1

METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. AS OF 12/31/2024, METRO CREDIT UNION HAS NET LOANS OF $2,939 MILLION AND SHARE...

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METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. AS OF 12/31/2024, METRO CREDIT UNION HAS NET LOANS OF $2,939 MILLION AND SHARE DEPOSITS OF $2,714 MILLION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $156,368,323
Investment Income $14,730,944
Other Revenue $2,260,617
TOTAL REVENUE $173,359,884

Expense Breakdown

Grants Paid $322,106
Salaries & Benefits $34,431,358
Fundraising Expenses $0
Other Expenses $131,354,009
TOTAL EXPENSES $166,107,473

Year-over-Year Comparison

2024 2023 Change
Revenue $173,359,884 $149,461,871 +0.2%
Expenses $166,107,473 $134,522,388 +0.2%
Net Income $7,252,411 $14,939,483 -0.5%
Key Indicators
✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Liquidity & Cash Position

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Governance

Voting Members
11
Independent Members
7
Employees
400
Volunteers
10

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$1,648,320
Total Directors
12
$1,648,320
Key Employees
8
$2,614,232
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ROBERT M CASHMAN PRESIDENT/CEO/DIRECTOR 40.00
Officer Director
$1,585,056 $63,264 $1,648,320
DAVID HOLZMAN DIRECTOR 2.00
Director
$0 $0 $0
ARNOLD S BAER DIRECTOR/ASSISTANT CLERK 2.00
Officer Director
$0 $0 $0
BION FOSTER DIRECTOR 2.00
Director
$0 $0 $0
JOSEPH ZANG DIRECTOR (ENDED 8/2024) 2.00
Director
$0 $0 $0
DONNA LEE DIRECTOR 2.00
Director
$0 $0 $0
JOHN IMBERGAMO DIRECTOR/VICE CHAIRMAN 2.00
Officer Director
$0 $0 $0
PETER HARRIS DIRECTOR/TREASURER 2.00
Officer Director
$0 $0 $0
PAUL M GULKO DIRECTOR/CLERK 2.00
Officer Director
$0 $0 $0
MARK SMOLLER DIRECTOR/CHAIRMAN 2.00
Officer Director
$0 $0 $0
ADAM FRANK DIRECTOR 2.00
Director
$0 $0 $0
MARTA ROSA DIRECTOR 2.00
Director
$0 $0 $0
CHARLENE BAUER SVP MEMBER EXPERIENCE 40.00
Key Emp
$265,569 $27,993 $293,562
LAWRENCE STANDFORD SVP/CFO 40.00
Key Emp
$302,457 $9,536 $311,993
TRACI MICHEL SVP/COO & CSO 40.00
Key Emp
$466,859 $38,048 $504,907
KEVIN MALONE SVP SENIOR COMMERICIAL LENDER 40.00
Key Emp
$358,492 $32,764 $391,256
AMYLYNN MOODY CHIEF PEOPLE OFFICER 40.00
Key Emp
$295,199 $13,217 $308,416
JAMES HERNDON SVP HUMAN RESOURCES 40.00
Key Emp
$230,792 $29,997 $260,789
MARIA A JUSTINIANO SVP LENDING 40.00
Key Emp
$310,479 $36,856 $347,335
MONICA SANTOS SVP/CHIEF MARKETING (AS OF 6/2024) 40.00
Key Emp
$190,089 $5,885 $195,974
KIM MONAHAN CREDIT RISK & PORTFOLIO MANAGEMENT 40.00
Highest
$233,812 $33,052 $266,864
ERIC GILLILAND VP COMMERCIAL RELATIONSHIP MANAGER 40.00
Highest
$284,191 $30,591 $314,782
SHAUNA GLAZEBROOK VP MORTGAGE OPERATIONS 40.00
Highest
$210,407 $11,142 $221,549
JASON TRUONG VP COMMERCIAL RELATIONSHIP MANAGER 40.00
Highest
$196,482 $9,731 $206,213
LUCAS ROSS AVP MORTGAGE OPERATIONS 40.00
Highest
$212,712 $31,914 $244,626
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $173,359,884 $166,107,473 $3,440,032,348 $7,252,411
2023 $149,461,871 $134,522,388 $3,414,191,630 $14,939,483
2022 $114,336,853 $83,937,696 $3,156,507,565 $30,399,157
2021 $92,937,477 $78,093,785 $2,510,941,078 $14,843,692
2020 $101,297,996 $85,388,608 $2,385,374,276 $15,909,388
2019 $89,211,246 $75,756,292 $2,092,358,761 $13,454,954
2018 $79,251,770 $64,685,998 $1,877,534,257 $14,565,772
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